Your goal is to look beyond this year's tax bill and focus on lifetime taxation.
Q: What strategies can I use to pay less taxes in retirement?
A: A registered retirement income fund (RRIF) can be an important source of cash flow for retired Canadians. Registered retirement savings plans (RRSPs) must be converted to RRIFs by the end of the year you turn 71, and you’re required to begin withdrawing a minimum amount of money from your RRIF the next calendar year.
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